EURUSD, USDJPY, GBPUSD TA, Pivot Points – June 5 2015

EURUSD Daily Pivots

EURUSD (1.1218): EURUSD saw a rejection candlestick near 1.12845 on the daily charts yesterday which could possibly result in a bearish follow through today if another attempt to break 1.12845 resistance levels fails. However, price is trading close to the previously broken resistance level at 1.117 – 1.1135, which could be tested for support today. If prices can hold above 1.1135, EURUSD could be poised to break above 1.13575 resistance level on the intraday charts. The risk comes from the fact that should support fail, EURUSD could decline sharply lower back to 1.10 and could see the possibility of a rally reduce even further.

USDJPY Daily Pivots

USDJPY (124.463): USDJPY briefly attempted to test the support near 124 level yesterday and has managed to break out of the triangle pattern. If the momentum holds, we could expect a breakthrough to the upside with the eventual target towards 125 – 126 levels. In the event that the upside rally fizzles out, a retest to 124 cannot be ruled out. A break below 124 will see USDJPY turn bearish in the short term with the next support coming in at 123.

GBPUSD Daily Pivots

GBPUSD (1.5364): GBPUSD held above support at 1.5324 on the daily chart, which could set the stage for a test to 1.55. This level, as we have noted in previous analysis forms the major resistance level. Price action is likely to stall around this region before momentum builds up to set the short term direction in prices. On the intraday charts, price is still trading within the falling price channel just below the resistance zone. Plotting a short term rising price channel, we notice that price is in the support level, which could indicate a potential move to the upside to the resistance level. A close above the resistance level is needed for GBPUSD to look for further upside gains while to the downside, 1.52 comes in as a likely support.